Terrace Hill Group PLC Pre-sale of Southampton Development (6946P)
October 29 2012 - 3:00AM
UK Regulatory
TIDMTHG
RNS Number : 6946P
Terrace Hill Group PLC
29 October 2012
29 October 2012
TERRACE HILL GROUP PLC
("Terrace Hill" or the "Company")
Forward Funding and Pre-sale of Student Accommodation
Development to Legal & General Property
Terrace Hill, a leading UK property development and investment
group, announces that its joint venture with Osborne (the "JV") has
exchanged conditional contracts with Legal & General Property
("LGP") for the forward funding and sale of its 1,104 unit student
accommodation development in Southampton city centre. Further
details will be provided when the transaction has completed.
The scheme is well located in the City centre with good access
to transport links and is pre-let in its entirety to the University
of Southampton on a 38 year lease, having received planning consent
from Southampton City Council in July 2012. Construction is
scheduled for completion in summer 2014.
The property will be arranged over three towers, ranging from
eight to 16 storeys high, positioned around a central piazza. In
addition to the student accommodation, the scheme includes a shop,
café, gym and learning centre at ground level.
Philip Leech, Chief Executive of Terrace Hill, commented:"Our
student accommodation development at Mayflower Plaza is an
extremely attractive, high quality scheme in a city with a large
student population, let to a very strong tenant in the University
of Southampton on a long lease. These factors underline the
institutional quality of the asset, which has allowed us to secure
the forward funding and sale of the property to Legal & General
Property."
Gordon Aitchison, Director of Investment and Development at
Legal & General Property, said: "In line with our fund
objective to acquire long let, index-linked assets with investment
grade covenants, this transaction provides us with a secure long
term income stream that is hedged against inflation. Furthermore,
representing our third major funding of student accommodation this
year, it demonstrates our growing appetite to look to alternative
sectors as attractive investment opportunities and the increasing
role that the private sector will play in funding critical social
infrastructure."
For further information please visit www.terracehill.co.uk or
contact:
Philip Leech/Jon Austen Tel. 020 7631 1666
Terrace Hill Group PLC
Gareth Price/Mark Young Tel: 020 7710 7600
Oriel Securities (Nominated Adviser)
Richard Sunderland/Will Henderson/Faye Walters Tel: 020 7831
3113
FTI Consulting terracehill@fticonsulting.com
Notes to editors:
Terrace Hill Group
Terrace Hill Group PLC is a regionally based UK property
development and investment group quoted on AIM. Formed in 1986, the
Company has five offices located in London, Glasgow, Teesside,
Bristol and Manchester.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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